Fix your finances like it’s an old Jag

A few years back, I bought a 1968 Jaguar Mark 2. Or rather, the beginnings thereof.

At the time, the vehicle had been sitting in a garage in pieces, untouched for 10 years. I committed to restoring it.

With some planning, a great deal of passion and a very clear vision, I created my vintage masterpiece.

Here are tips for restoring cars – and financial health:

1. What do you want it to do?

You need to have an end objective in mind. Are you doing it as a passion project, or do you want to resell it for a profit? That has huge sway over which car you pick. Likewise, when it comes to your finances, you need to know what you want at a granular level. What are you saving for? What are your goals?

2. Get help when you need it

I knew I didn’t have the skills to hand-stitch the seats. So, I outsourced these tasks to trusted professionals. Regarding money matters, there are some things you may feel confident sorting out yourself but there are other aspects where a call for advice from a trusted financial adviser can give peace of mind.

3. Make compromises

I wanted all 72 spokes of my rims to be individually chromed, but I could not find this service locally. I would have had to ship the wheels to the UK, at an exorbitant cost. So, I compromised and cleaned the wheels meticulously instead. Finances also demand trade-offs. For example, to reach your financial goals, sometimes you may need to save more, or work for a longer time. Tweak some of your goals slightly.

4. Maintenance is key

When it comes to restoration, the job’s never done. I always have an electrical charger in the garage to keep the battery full. The brakes need regular tweaking … the list goes on. You need to do regular “maintenance” to your finances too. For example, are your retirement contributions keeping up with inflation each year? Regular reviews of your financial plan can help you stay on track.

5. Push through the tough times

There have been icy winter days when I’ve been under the Jaguar in a miserably cold garage, battling with a bolt. And I’ve wanted to pack it in. Most times, it helped to stop, take a break and start again. It doesn’t take two weeks to restore a car. Similarly, creating a plan and reaching your key financial milestones can take time and commitment.

Theesan Moodley is general manager: Sanlam Financial Advisors

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